Wills Glossary
These are some of the terms that you are likely to come across when dealing with wills and probate. Don't be worried about the 'legalese'.
Beneficiary:
Someone who receives anything from your will
Codicil:
A change to an existing will is made through adding a codicil.
Crown or Treasury:
The government. If you leave no surviving family and no instructions to the contrary, they get everything.
Estate:
Your possessions at the time of your death (less any outstanding debts).
Executors:
Less sinister than they sound! Executors are the people you choose to carry out your instructions.
Guardian:
A person with legal control or responsibility for a minor (i.e. a child under 18). You can designate Guardians in your will.
Inheritance Tax:
40% tax payable on all estates over a certain value (£325,000 in 2009-10). This can catch homeowners out, especially in and around London.
Intestate:
If you die without making a will, you are said to die 'intestate'
Minor:
Anyone under the age of 18 (in English law)
Legacy:
A gift in a will. This can be a specified item (a Specific Legacy) or a gift of money (a Pecuniary Legacy)
Probate:
Grant of probate establishes that your executor(s) are legally authorised to manage and distribute your estate.
Residue or Residuary Estate:
What's left of your estate after all specific gifts and expenses have been paid out
Residuary Beneficiary:
Someone who receives the residue of an estate, or part of it
Sound Mind:
To be 'of sound mind' means that the mind is reasonable and comes to a judgment upon ordinary subjects, like other rational men.
Testator:
Someone who makes a Will
Testatrix:
A female testator
Trust:
A trust is an arrangement under which a trustee or trustees hold and manage property for the benefit of another person or persons (the trust beneficiary or beneficiaries)
Trustee:
A person responsible for administering a trust.
Will:
A legal document which establishes the wishes of someone upon their death. Used to say who gets what from someone's estate. Writing a will ensures that your possessions are distributed according to your wishes in the event of your death.
Witness:
A witness confirms that they saw the testator (or testatrix) sign the document and that he/she was of sound mind at the time of signing. To be legally valid, a will must have two witnesses